Lawmakers in Wisconsin have introduced Senate Bill 386 to address fraud from crypto ATMs, complementing Assembly Bill 384. Proposed by Senator Kelda Roys and six Democratic representatives, both bills mandate that crypto ATM operators obtain a money transmitting license and collect identifying information from users, including name, date of birth, and a government-issued ID. Transactions will be capped at $1,000 per day, and operators must display fraud warnings on machines. Fees will be limited to either a flat $5 or 3% of the transaction value. If a transaction is deemed fraudulent, operators are required to reimburse customers within 30 days. This legislative move follows a FinCEN notice urging financial institutions to report suspicious crypto ATM transactions, emphasizing the growing concern over scams targeting vulnerable populations. Similar regulatory efforts are being observed globally, with recent crackdowns in the UK and other regions on crypto ATMs linked to criminal activity.

Source đź”—